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Selling a boat in installments


Nestor Espinoza

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I'm sure that an internet search would find them for you. I know that Whilton Marina buy boats for cash and there are others who do likewise.

I'd always assumed that Whilton and the other brokers that advertise that they buy boats would require a survey. I didn't realise that you could get cash the same day they viewed.

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Naming them might be helpful

 

There must be well over a dozen advertising in TowpathTalk (including members of this site)

 

"Cash paid for Narrowboats - any age, any condition, anywhere - view, pay and take away"

 

Being a typical advert

 

www.towpathtalk.co.uk

 

I phoned a couple of them when we ended up with two boats, and paying 2 mooring fees. Just like with house cash buyers you get about 75% of the market value but get a quick sale no fender-kickers, no arguing about price, no hassle, and no mention of a survey.

Edited by Alan de Enfield
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If the buyer is genuine, they can get a bank loan. If they refuse to do that, it's because either they cannot get the credit, or they don't intend to pay you. Either way, don't do it...

 

 

Yes this is the other side of the coin. If there are no banks willing to trust this person to pay back a loan, probably best you don't either.

 

MtB

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Thanks Alan, that is handy to know. I don't read towpath talk so hadn't seen these ads before.

Isn't reading the Towpath Talk compulsory?

I thought it a bit like growing a beard once you own a narrowboat.

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I think there is a divide, just like Telegraph v Guardian readers, there are Tillergraph v Towpath readers. I won't tell you which one I read though...

 

 

I went through all the ads, called or emailed everyone, but because my boat is a steel river cruiser and not technically a narrow boat, albeit with the same beam, no one would buy it. Whilton Marina said they would not buy for cash, but would broker for £1500. Braunston Marina, just a few miles north from them, said there is no market for boats like mine.

 

Though not desperate to sell it, as I'll soon be land based the boat will become an expensive toy for very occasional use, plus the constant worry of the continuous cruising rule, which could become a problem when not permanently on board. And I am definitely not paying for a marina just to store he boat.

 

Oh well, maybe this guy will show up with more money today, or I'll give him more time. Or maybe he changed his mind.

 

About the cheques, if you have a bounced one on your record in Chile you can't get any credit or even open a bank account, and you can easily be taken to court (without a lawyer, I believe it is like small claims courts here) and the court may order the confiscation of whatever they find in your house to pay for the cheque.

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I think there is a divide, just like Telegraph v Guardian readers, there are Tillergraph v Towpath readers. I won't tell you which one I read though...

 

 

About the cheques, if you have a bounced one on your record in Chile you can't get any credit or even open a bank account, and you can easily be taken to court (without a lawyer, I believe it is like small claims courts here) and the court may order the confiscation of whatever they find in your house to pay for the cheque.

Didn't know there were great political differences between the Tillergraph & Towpath Talk. I read both.

 

Re Chilean cheques, sounds as if their bank system is as good and robust as their fine wines. We could do with stricter penalties here.

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Though not desperate to sell it, as I'll soon be land based the boat will become an expensive toy for very occasional use, plus the constant worry of the continuous cruising rule, which could become a problem when not permanently on board. And I am definitely not paying for a marina just to store he boat.

 

I'm among the band of fools - I've accepted deposits on boats with legally binding agreements to pay the balance over a set period, and never got the whole balance in either case. Neither of them actually disappeared with the boat, but if they simply ignore all court hearings and after that ignore the bailiffs (or make themselves insolvent) you get to the point where the costs of persuing them outweigh the money they owe. If they ain't got it, you won't get it - but do you really want to somehow then reclaim the boat, sort out the mess they've made of it, and try to resell it?

 

It's been said, but people can have all the intent in the world to pay you the balance when they do the deal, but there are always going to be things that turn up about the boat that they don't like and which then let them come to the conclusion they don't have to pay you after all. A battery dies shortly after they take possession - you didn't tell them that might happen; the sink blocks because of something they put down it - your fault for not telling them that. These weren't what happened to us, but that was effectively the story.

 

If you do go ahead resign yourself to the fact that all you will get out of it is the deposit - if they are honourable and you get the full whack with no aggro look on it as a bonus. If you can do that, then go ahead, otherwise don't

  • Greenie 2
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The voice of experience (Tam), been there, done that and got the T-shirt but I bet he wishes he hadn't.

 

Nestor if you go ahead, I wish you well but I think it is more likely to end in tears.

 

 

 

 

 

greenie for Tam

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The thing is, there is a chance you'll only get the 30% for the boat.

 

There is also a chance you'll get the other 70%. The size of this chance depends on the ethics of the buyer. How can you assess this? By meeting them and making a personal judgement on their attitudes and honesty. If you are willing to take the risk of standing by your assessment of them and willing to take the chance on losing the 70%, then go for it. The upside for you is not soaking up a week of your time taking the boat to Whilton and not waiting potentially endlessly for a sale (less commission).

 

Only you can make this judgement. Only you know how much it will hurt (or not) if your buyers shit on you.

 

Hopefully this helps clarify your thinking...

 

MtB

P.S. Bounced cheques cost the cheque writer and £20 here in the UK. Nothing more, no other consequences.

 

Not if the cheques are written fraudulently, surely? Meaning, written with intend to defraud. I appreciate it might be tricky to prove the point.

>> Though not desperate to sell it, <<

 

Then what's the hurry? Sell it for real money, not somebody else's promises.

Edited by Machpoint005
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I think there is a divide, just like Telegraph v Guardian readers, there are Tillergraph v Towpath readers. I won't tell you which one I read though...

 

 

I went through all the ads, called or emailed everyone, but because my boat is a steel river cruiser and not technically a narrow boat, albeit with the same beam, no one would buy it. Whilton Marina said they would not buy for cash, but would broker for £1500. Braunston Marina, just a few miles north from them, said there is no market for boats like mine.

 

Though not desperate to sell it, as I'll soon be land based the boat will become an expensive toy for very occasional use, plus the constant worry of the continuous cruising rule, which could become a problem when not permanently on board. And I am definitely not paying for a marina just to store he boat.

 

Oh well, maybe this guy will show up with more money today, or I'll give him more time. Or maybe he changed his mind.

 

About the cheques, if you have a bounced one on your record in Chile you can't get any credit or even open a bank account, and you can easily be taken to court (without a lawyer, I believe it is like small claims courts here) and the court may order the confiscation of whatever they find in your house to pay for the cheque.

 

Ok in a roundabout way you've had 2 valuations - lets ignore the cash offer of £0 from Whilton, and say their brokerage valuation isn't too far off the mark. And don't ignore Braunston marina's advice either - their being no market for these kinds of boats. There is obviously some value, but given the lack of success so far, I'd say your price is currently too high.

 

If you lowered the price 1) your 30% buyer might be able to get a bank loan for the rest of it, and 2) other buyers may come forwards.

 

eBay might be a better place to sell than a brokerage, for this kind of boat. There's a much wider audience you'll attract.

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Whilton Marina said they would not buy for cash, but would broker for £1500.

 

 

Just to clarify, do you mean Whilton would market the boat at a selling price of £1,500, or do you mean their fee would be £1,500 for selling it at a price you haven't disclosed?

 

Why not bung it on apolloduck and post the link here? You might finder a buyer with real money pops up!

 

MtB

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